Simon, age 12, generates $6,320 interest income and no earned income for 2018. He incurs no investment expenses.
a. Simon's net unearned income.
b. Simon's total Federal income tax liability.
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Chelsea, who is single, purchases land for investment purposes in 2014 at a cost of 22,000. In 2019, she sells the land for 38,000. Chelseas taxable income without considering the land sale is 100,000. What is the effect of the sale of the land on her taxable income, and what is her tax liability?
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